Conquest 2018-1: 02 April 2018
A prime Australian RMBS transaction, where the notes are backed by a pool of first-ranking Australian residential (all full documentation) mortgage loans which have been originated by MyState Bank Limited and The Rock Building Society Limited.
Eligibility criteria (includes): the mortgage loan is denominated in Australian dollars and is fully drawn; the mortgage loan is a fully amortising principal and interest mortgage loan with a maximum term of 30 years and 1 month; interest on the mortgage loan is payable at either a fixed or floating rate; the maximum LVR for each mortgage loan is 90%; the mortgage loan is secured by at least one registered or registrable mortgage over land; the mortgaged property is a residential property located in a capital city metropolitan area or regional centre in an Australian State or Territory.
The portfolio consists of 1,667 (1,335 Borrower Consolidated) fully amortising Aus$ floating rate and fixed rate loans to prime borrowers secured by first ranking mortgages over Australian residential properties originated by MyState. All of the loans benefit from lenders’ mortgage insurance cover. The average current balance per borrower is A$299,622 and the largest borrower balance is for A$1.497mln. Property ownership: Owner-occupied – 73.88%, Investment loans – 26.12%. Amortisation type: capital and interest – 73.99%, interest only – 26.01%. Interest rate type: variable – 77.98%, fixed – 22.02%. The WA current LVR is 62.66 and the WA seasoning is 30.24 months. Regional concentration: Tasmania – 32.50%, NSW – 25.78%, Victoria – 19.85% and Queensland – 16.11%.
CRR 405: In accordance with Article 405 of the Capital Requirements Regulation and Article 51 of the AIFMR, the Seller will retain, on an ongoing basis, a material net economic interest of at least 5% in the nominal value of the securitisation on the Closing Date. As at the Closing Date such net economic interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the aggregate principal amount outstanding of the securitised exposures.
Compare/contrast: Conquest 2016-2, National RMBS Trust 2018-1